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We Have Options for Too Much Debt





You are not alone if you are feeling anxious about your growing debt. Having too much debt can lead to other challenges. Struggling to pay bills and being unable to save money can often feel like a never-ending cycle. 

Signs that you have more debt than you can handle are:

You need more money after paying your monthly bills.

When you’ve paid all your monthly household bills and debt payments, and you’ve got nothing left for necessities or sufficient resources to sustain your lifestyle, you will need to either reduce your expenses or increase your income.

You are using one credit card to pay the minimum on another.

You pay your rent, phone, and other monthly bills and realize that there isn’t enough to cover the minimum payments on your credit cards. Having to take a cash withdrawal on one to make the minimum payment on another is a hard place to be.  It’s challenging to recover if you have to do this over and over just to stay afloat financially.

You are receiving collection calls or letters.

Threats from collectors are very stressful, and you don’t know what to say to them, so you’re afraid to answer the phone or open your mail. Remember that collectors can sue you, and if you ignore them, they could end up with a judgment for the debt and garnish your wages or bank account.

You are borrowing money.

You’ve had to reach out to friends, family, or payday loan companies to borrow money to pay bills. Unless this is a one-time issue, borrowing to pay bills starts a cycle of always being behind the next payday before you even pay anything. It often results in borrowing again and again.

Loss of sleep due to stress.

Worrying about paying bills and constantly juggling your income to pay your expenses can be overwhelming and cause stress and sleepless nights, leading to other health problems.

If you can relate to any of these signs, the first step is acknowledging what you owe. Make a list of who you owe money to and the amount. Make a second list of your monthly income and household expenses. Determine what amount you have left to repay your debt and create an action plan.

Seek the advice of a professional. At D. Thode & Associates Inc., our trained Licensed Insolvency Trustees will assess your financial situation and provide you with the statutory (legislated) and non-statutory options to deal with your debts.

Once you have options, you can rest easy and know that you can tackle your financial problems and have a fresh financial start.


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